Acquires Option over the Tombolo Copper/Cobalt Project
Perth, Feb 2, 2018 AEST (ABN Newswire) - Prospect Resources Ltd (
ASX:PSC) (the "Company") is pleased to announce that it has entered into an option agreement with TSM Enterprises sarl to acquire the Tombolo Klippe Project (PEPM1787).
- Prospect Resources has secured an option to acquire a 100% direct interest in the Tombolo Klippe project in the Democratic Republic of Congo
- Option covers an area of 21km2 containing numerous cobalt and copper occurrences
- Area is underlain by prospective stratigraphy of the Roan Mines Series rocks which host many of the large copper and cobalt deposits of the Katangan Copperbelt
- First pass geochemical soil sampling has identified two cobalt and two copper anomalies;
o Best Cobalt anomaly (>22ppm); 1,000m long by 600m.
o Best Copper anomaly (> 230ppm); 1,400m x 400m.
The properties are registered as a "Permis d'Exploitation de Petite Mine" ("PEPM" - a small scale mining permit) covering approximately 21 km2 over the Tombolo Klippe in South Eastern DRC (see Figure 1 in link below).
Exploration work is being undertaken during the option period. The Company, subject to satisfaction of conditions, can acquire the first 50% on or before 7 February 2020. The Company, subject to satisfaction of conditions, can acquire the remaining 50% on or before 12 months from the date when the initial 50% is acquired. The Company has completed the first pass, technical due diligence which has included geological mapping and sampling the results of which are shown below.
The acquisition of a significant cobalt and copper project fits with the Company's profile in energy metals, Mr. Hugh Warner had the following to say following signing of the option agreement: "Our team has reviewed numerous DRC Cobalt projects over the last 12 months. Without local knowledge, the DRC can be a daunting environment in which to do business. Thankfully our team has that experience, enabling us to navigate the legal, environmental, labour and political processes. We look forward to getting on the ground to begin exploration on Tombolo. Adding cobalt to our lithium deposit is another building block in establishing Prospect and the leading new energy provider in Africa".
PROJECT OVERVIEW & GEOLOGY
PEPM1787 is located approximately 25km north of the city of Kolwezi in the Lualaba Province in the southeast of the Democratic Republic of Congo.
Access to PEPM1787 from Kolwezi is made via one of two improved, all-season laterite roads which approach the east and west edges of the permit, with several bush tracks which cross the central and north portions of the concession, permitting simple access to all areas of the project.
PEPM1787 covers the eastern half of the Tombolo Klippe (see Figure 2 in link below), an allochthonous (transported) fragment of a normal (right way up) stratigraphic sequence of Roan and Nguba Group rocks resting on younger autochthonous rocks of the Kundelungu Group.
The Tombolo Klippe forms a shallow syncline with a basal layer of Undifferentiated Roan (Ri) which is known to host mega-breccia fragments of Mines Series (R2) rocks which will form the primary target of Prospect's exploration programmes. The Mines Series is known to host many of the largest copper and cobalt deposits of the Congolese, or Katangan, Copperbelt.
The Tombolo Klippe has previously been the subject of a number of surficial prospecting programmes which consisted of mapping and trenching but has never been subject to a multi-disciplinary, targeted exploration programme as planned by Prospect Resources. This will investigate known copper and cobalt occurrences on the permit and systematically assess the entire permit area with geochemical sampling programmes, followed by AirCore and Reverse Circulation drilling.
The geology of the PEPM1787 permit is similar to many nearby cobalt and copper producers, with rocks of the Mines Series, which hosts major deposits such as KOV and Kamoto in Kolwezi - two of the most prolific copper and cobalt producers in the Katangan Copperbelt, and the Nguba Group, which hosts Glencore's Mutanda Mine, one of the world's richest cobalt deposits.
DUE DILIGENCE PROGRAMME
The Company has completed a first pass geochemical soil sampling programme covering the entire surface area of PEPM1787. A total of 888 soil samples and 47 duplicate samples were collected on a line/sample spacing of 200 x 100 m. Samples were first dried and then sieved to -75 microns and then analysed using a handheld X-Ray Fluorescence (XRF) instrument for determination of cobalt and copper content.
Statistical analysis of the soil analytical results suggests an anomalous threshold for cobalt-in-soil of approximately 22 ppm and an anomalous threshold for copper-in-soil of approximately 230 ppm.
Mapping of the soil sampling analytical results show an area of anomalous cobalt-in-soil values over an area of approximately 1000 m x 600 m in the central area of PEPM1787 (see Figure 5 in link below) and another anomalous cobalt zone of approximately 400 m x 200 m in the south-eastern corner of the permit. Both areas warrant further investigation.
Copper shows a pronounced anomalous zone of some 1,400 m in length and as great as 400 m in width in the north central area of the permit (see Figure 6 in link below), and a second anomalous zone approximately 700 m in length in the northeast corner of the permit. Both of these zones are planned for further investigation during the next phase of exploration, planned for an immediate start.
PLANNED FOLLOW-UP EXPLORATION PROGRAMME
Follow-up work will comprise of detailed geological mapping, trenching and drilling. Pending a successful outcome of this process and exercise of the option, the Company intends to commence with an exploration programme focusing on defining a JORC reportable Mineral Resource and generating material for metallurgical testwork.
To view figures, please visit:
http://abnnewswire.net/lnk/IU14W2V6
About Prospect Resources Ltd
Prospect Resources Limited (ASX:PSC) is based in Australasia with operations in Zimbabwe and is a publicly listed company. We are committed to creating value for Prospect's shareholders and the communities in which our company operates. Our vision is to build a Southern African based mining company of international scale.
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